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Cisco Behind the Times / Tilson Covers Short

Thursday, 10 Feb 2011 | 6:23 PM ET

It appears Cisco is no longer the tech bellwether it once was. The tech sector shrugged off the company's disappointing earnings report; in fact some of Cisco's smaller rivals hit fresh highs.

What’s the trade?

Trading Cisco Growth
Your trade on Cisco now.

It seems the issues facing Cisco are Cisco specific, says Guy Adami. It stands to reason that if Cisco is losing, somebody else is gaining market share. In the space I’ve got Juniper on the radar. It may be a tad ahead of itself but I think it ultimately wins.

Because John Chambers talked about sales of switchers growing 100- 500%, says Brian Kelly, I’d go long QLogic and Emulex .

I think the winners are Aruba Networks and Broadsoft , says Joe Terranova.

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TILSON COVERS HIS NETFLIX SHORT


If you watch Fast Money regularly, you know that Whitney Tilson has been very bearish on Netflix . "It should probably trade at 20 times earnings and it right now it trades at 67 times earnings,”he told us on October 29th.

Well guess what, Tilson just put out a letter saying that he covered his short position.


What should you make of it?

According to Joe Terranova it could lead to a short squeeze that sends the stock even higher. "With the short interest still in the 20’s, I think other shorts read his letter and they get out too," he says.

Tilson No Longer Confident on NFLX Short
Discussing Whitney Tilson's stand on Netflix shorts.



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Trader disclosure: On Feb 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns (VRTS); Terranova owns (C); Terranova owns (UPL); Terranova owns (GM); Terranova owns (PEP); Terranova owns (APA); Terranova owns (CVI); Terranova owns (SU); Terranova owns (CNQ); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman's firm is short (IJR); Finerman's firm is long S&P puts; Finerman's firm is long Russell 2000 puts; Finerman owns (AAPL); Finerman's firm owns (AAPL); Finerman owns (BAC); Finerman's firm owns (BAC) leaps; Finerman's firm owns (BBY); Finerman owns (C); Finerman's firm owns (GLW); Finerman owns (GOOG); Finerman owns (HPQ); Finerman's firm owns (HPQ); Finerman's firm owns (IBM); Finerman owns (JPM); Finerman's firm owns (JPM) and (JPM) leaps; Finerman's firm owns (MCD); Finerman owns (MSFT); Finerman's firm owns (MSFT); Finerman's firm owns (TGT); Finerman's firm owns (WMT); Finerman and Finerman's Firm Own (BP)

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Comcast is the parent company of NBCUniversal
GE owns 49% of NBCUniversal
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For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DPUKF)


For Dennis Gartman
Funds Managed By Dennis Gartman Are Short The Yen
Funds Managed By Dennis Gartman Are Long The Australian Dollar
Funds Managed By Dennis Gartman Are Long The Canadian Dollar
Funds Managed By Dennis Gartman Are Long Gold
Funds Managed By Dennis Gartman Are Short The S&P
Funds Managed By Dennis Gartman Are Short The Yen
Funds Managed By Dennis Gartman Are Long Gold
Funds Managed By Dennis Gartman Own (F)
Funds Managed By Dennis Gartman Own (MCP)

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (BAC)
Accounts Managed By Kanundrum Capital Own (ELX)
Accounts Managed By Kanundrum Capital Own (QLGC)
Accounts Managed By Kanundrum Capital Own (IAU)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (DRYS)
Accounts Managed By Kanundrum Capital Own (RDC)
Accounts Managed By Kanundrum Capital Own US Dollar
Accounts Managed By Kanundrum Capital Own (MCP)
Accounts Managed By Kanundrum Capital Own (LYC.AU)
Accounts Managed By Kanundrum Capital Are Short The Australian Dollar
Accounts Managed By Kanundrum Capital Are Short The Yen

For Rich Ilczyszyn|
Ilczyszyn has no disclosures

For Andy Busch
Busch has no disclosures

For John Gabriel
Gabriel has no disclosures

For Brian Stutland
Stutland has no disclosures

Fast Fire 12/17/2010
Terranova had no disclosure in (RIMM) on 12/17/2010

Pete Najarian SOT 2/4/11
Pete Najarian owned (PEP) on 2/4/11

CNBC.com with wires.

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ARUN
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BSFT
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CSCO
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ELUX.B
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NFLX
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QLGC
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SPDR NRG SEL
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  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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